House Prices Co Kerry
Average price of a new home: €165,000 (€215,000 in Killarney)
Average price of a second-hand home: €175,000 (€220,000 in Killarney)
Predicted change to Jan 2012: up 5%
Co Kerry appears to be bucking the national trend. The county suffered in recent years. Last year, prices were down 30% as Kerry came to grips with a glut of unsold housing stock. A stringent planning process and restrictions on new builds and one-off housing in certain pockets of The Kingdom county has paid off and this year, prices have fallen by an average of 6%.
It is hoped that Co Kerry has seen the bottom of the market and prices will rise slightly this year. Estate agents in Killarney, however, believe that prices will plateau before rising.
Killarney also enjoyed an active year, particularly in the past six months, again due to a lack of supply. There are no new developments in the town so it is predominantly a second-hand market. House prices have dropped by 36% since their peak while apartments have tumbled by as much as 60%. Investor interest has increased but they still accounted for only 5% of last year’s sales.
Killarney’s holiday home market took a hit, however. Second-hand holiday cottages are down 30% on last year, to €140,000. The town’s country homes held firm with no drops at all, sticking at €500,000, although this is half of what they were valued at the peak of the market.